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Related Flashcards
Related Topics
Cards In This Set
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Who is a consumer
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A consumer is a one who consumes goods n services for satisfaction of his wants
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Consumption
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Process of using up utility value of goods and services for the direct satisfaction of our wants
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Production
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An economic activity in which one is engaged in the Production of goods n services for the generation of income.
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Investment
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An economic activity which is concerned with production of capital goods for further production of goods and services.
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Exchange
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An economic activity which is concerned with the sale n purchase of commodities.
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Distribution
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An economic activity which deals with determination of price of factors of production
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Economic activity
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Activity which is based on or related to the use of scarce resources for the satisfaction of unlimited human wants.
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Economic problem
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It is the problem of choice arising on account of the fact that resources are scarce and these have alternative uses.
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Economics
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It is essentially the study of economic problems that we must confront owing to the fact that our means are scarce in relation to our wants and that the means have alternative uses.
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Economics definition given by different economists
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Wealth def.- Adam SmithMaterial def. - Alfred MarshallScarcity def.- RobbinsGrowth def.- Paul A Samuelson
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